Bitcoin BTC/USD traded at 7891 and continue to move within the growth and ascending channel. Cryptocurrency capitalization at the time of the publication of the forecast is $139 971 584 617. Moving averages indicate the presence of a bullish trend in Bitcoin. As part of the cryptocurrency exchange rate forecast for May 17, 2019, we expect an attempt to develop a correction and a test of the support level near the 7565 area. Where again we expect a rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 8950 area.
Bitcoin Forecast and Analysis BTC/USD May 17, 2019
In favor of the growth of BTC/USD quotes, a test of the rising trend line on the relative strength index (RSI) will be made. The second signal will be a rebound from the lower boundary of the rising channel. Cancellation of the Bitcoin growth rate will be a fall and a breakdown of the 7265 area. This will indicate a breakdown of the lower boundary of the upward channel and a further decline in the Bitcoin rate with a potential target at 6650. With the breakdown of the resistance area and the closure of cryptocurrency quotes above the level of the digital asset.
Bitcoin Forecast and Analysis BTC/USD May 17, 2019 suggests an attempt to test the support level near 7565. And further cryptocurrency growth continues with a potential target at 8950. An additional signal in favor of raising the Bitcoin rate will be a test of the rising trend line on the relative strength index (RSI). Cancellation of the option of cryptocurrency growth will fall and the breakdown of the 7265 region. This will indicate a continued decline with a potential target below 6650.
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